open bag ?, page-5

It looks to me like the market has read this:

http://www.smh.com.au/business/billabong-dilution-in-prospect-as-dive-resumes-20111220-1p38j.html

An excerpt:

"On Insider’s calculations, given Billabong’s latest price of about $1.75 a share, it would probably have to issue that stock at somewhere between $1.50 and $1.70 a share to get investors to shore up its balance sheet."

I am not sure that it's about weak hands, strong insto's or big players. From the above article, the author looks to have some kind of implied knowledge as to what a capital raising might look like. Read the whole article- it's interesting.

If the market thinks a CR is going to be @ maybe $1.50, then the current SP is not cheap. I had in an order @ 1.705, but having read that article, BBG may get "cheaper" -> order removed.